South Dakota § 47-1A-862 Directors' action respecting transaction--Effectiveness.

South Dakota Statutes

§ 47-1A-862 — Directors' action respecting transaction--Effectiveness.

South Dakota·Title 47 CORPORATIONS·Ch. 47-1 SOUTH DAKOTA BUSINESS CORPORATION ACT

Directors' action respecting a transaction is effective for purposes of subdivision 47-1A-861.1 (1) if the transaction received the affirmative vote of a majority, but no fewer than one, of those qualified directors on the board of directors or on a duly empowered committee of the board who voted on the transaction after either required disclosure to them, to the extent the information was not known by them, or compliance with § 47-1A-861.1 . However, action by a committee is effective only if:

(1)At least one of its members is a qualified director; and (2) Its members are either all the qualified directors on the board or are appointed by the affirmative vote of a majority of the qualified directors on the board.

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Directors' action respecting a transaction is effective for purposes of subdivision 47-1A-861.1 (1) if the transaction received the affirmative vote of a majority, but no fewer than one, of those qualified directors on the board of directors or on a duly empowered committee of the board who voted on the transaction after either required disclosure to them, to the extent the information was not known by them, or compliance with § 47-1A-861.1 . However, action by a committee is effective only if: (1) At least one of its members is a qualified director; and (2) Its members are either all the qualified directors on the board or are appointed by the affirmative vote of a majority of the qualified directors on the board.

South Dakota § 47-1A-862 (Directors' action respecting transaction--Effectiveness.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.